IRS Trouble Solvers - November 2021


Every business owner will ultimately need to decide which type of business entity best suits them. The decision will depend on a variety of factors including taxation, liability, the raising of capital, and control. S corporations, C corporations, and LLCs (limited liability corporations) have some major differences, mainly in the way the business is taxed. It is important that you are properly informed before you make any decisions to best set your business up for success. First, it is important to understand that an S corporation is more of a tax status than a business structure. An LLC is dependent upon state law, and an S corp is dependent on federal tax law. In order to be taxed as an S corporation, your business must meet the restrictions of Subchapter S of the Internal Revenue Code. To become an S corporation, your business must be registered as an LLC or C corporation. C corporations are taxed under Subchapter C of the Internal Revenue Code and are particularly popular for larger businesses. C corporations are subject to two layers of taxation — once at the shareholder level and once at the corporate level.

The holidays are right around the corner, and while many people can’t wait to eat turkey and swap presents, others only see stress on the horizon. Especially for those hosting parties, between decorations, big dinners, excited kids, and visiting family, it can all feel overwhelming. If celebrations are happening at your house this year, here are three tips to lessen the strain and keep up the holiday cheer. Recharge First Ensure you’re rested and recharged before the holidays by taking time to relax, getting enough sleep, and engaging in activities that make you feel good. When you’re rushing to get everything done, it can be tempting to skip self-care routines, but that will cost you in the long run. Your daily exercise and other health activities keep you balanced and ready to face challenges head-on. Get Started Early Holidays always arrive faster than we expect, so begin preparing early. If shopping for presents is a pain point, don’t wait until the last minute. Decorate earlier than you need to — or better yet, get the kids to do it for you. There’s only so much cooking you can do ahead of time, but ensuring you have all of the equipment and nonperishable ingredients you need a few weeks in advance will reduce both your workload and anxiety. Don’t Expect Perfection The sooner you let go of the idea of a “perfect” holiday, the sooner you’ll be able to have a happy one. Face it: Something will go wrong. Whether it’s an overcooked dish, a child throwing a temper tantrum, or your uncle talking politics at the dinner table, nothing will ever go just how you planned. So, embrace the imperfections. Whether you’re celebrating this year with a group of two or 20, holidays can be a stressful time — but they don’t have to be. With these tips, your festivities may not be picture-perfect, but they will be a lot of fun. 3 Tips for a Merrier Time Have a Low- Stress Holiday

An LLC is extremely common because it is considered to be a low-maintenance legal entity. An LLC protects the business owner’s personal


Impress your Thanksgiving guests with this perfectly roasted — and easy — turkey!


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